Welcome to day 4 of our unofficial 9 day weekend with limited data and volatility ahead of an actual 3.5 day weekend. Is data truly limited if we have Durable Goods? Perhaps not entirely… There was a small but noticeable reaction this morning to the stronger result (1.4 vs 1.1).
But because bonds were only slightly stronger overnight, the slip to modest weakness ends up making things look pretty flat in the bigger picture.
MBS continue outperforming Treasuries as the latter are being a bit more defensive during the auction cycle.
Mixed Performance. Data Hurt. Auction Helped. Little Changed
By:
Matthew Graham
Tue, Mar 26 2024, 4:14 PM
Mixed Performance. Data Hurt. Auction Helped. Little Changed
In the bigger picture, bonds found resistance before 10yr yields managed to break below 4.19, but remained well under the 4.32% ceiling after yesterday’s weakness. Today began slightly stronger, but shifted weaker after the Durable Goods data. The home team rallied after the 1pm Treasury auction came out on the strong side and trading levels trickled just barely into positive territory. Wednesday is the quietest day of the week for econ data, but also the last day of Treasury auctions and the last full trading day of the month/quarter. Translation: data driven volatility is unlikely, but random volatility surrounding the auctions and month-end trading could make things interesting.
Durable Goods
1.4 vs 1.1 f’cast, -6.9 prev
08:52 AM
Slightly stronger overnight and now a hair weaker after data. MBS down 2 ticks (.06) and 10yr up 0.8bps at 4.257
11:26 AM
MBS outperforming, down only 1 tick (.03). 10yr unchanged from last update.
01:09 PM
Stronger after 5yr auction. MBS up 2 ticks (.06) and 10yr down 1.1bps at 4.238
03:32 PM
Hanging out near strongest levels. MBS and 10yr at same levels as last update.
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The week got off to a weaker start with most of the losses seen during the overnight session, but gradual ongoing selling during domestic hours. There were no overt market movers behind the weakness unless we want to give credit to anxiety over the Treasury auction cycle or technical resistance. Even if auctions aren’t the source of the outright weakness, they do likely have a hand in helping MBS outperform today. 5.5 UMBS were only down about an eighth of a point while Treasuries with comparable durations had lost roughly twice as much ground (implication being that MBS don’t have to worry about 3 big supply gluts to start the week).
09:44 AM
Moderately weaker overnight and now choppy/sideways. 10yr up 3.9bps at 4.241. MBS down an eighth.
11:01 AM
Treasuries underperforming with 10yr up 4.7bp at 4.249. MBS down 5 ticks (.16).
03:35 PM
MBS continue outperforming, down only 3 ticks (.09). 10yr up 5.1bps at 4.253.
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Mandatory Execution, Accounting, Warehouse, TPO Products; STRATMOR on Comp; Upcoming Events and Training
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Mandatory Execution, Accounting, Warehouse, TPO Products; STRATMOR on Comp; Upcoming Events and Training
By: Rob Chrisman
1 Hour, 35 Min ago
“90 percent of bald people still own a comb; they just can’t part with it.” Many companies that retained servicing in 2020 and 2021, complete with low interest rates and borrowers with large amounts of equity & abilities to repay, have made the decision to part with that servicing. Packages of servicing rights continue to hit the market. In a free market, for every seller there’s a buyer for these packages. And in a free market, where most loans from different lenders are often put into the same securities or at least sold at roughly the same price in the secondary markets with approximately the same servicing value, companies that manufacture those loans at the lowest cost stand a better chance of surviving than those that don’t. Turning to borrowers, consumer costs are certainly in the news, especially with any implications from the proposed NAR lawsuit settlement, specifically if the agreement leads to borrowers paying for their real estate commission when they previously did not. (Readers should know that the CFPB does not regulate real estate agents, and the TRID forms already allow disclosure of the fee to be disclosed on either the buyer’s or seller’s side.) Found here, this week’s podcast is sponsored by Visio Lending. Visio is the nation’s premier lender for buy and hold investors with over 2.5 billion closed loans for single-family rental properties, including vacation rentals. Today’s has an interview with attorney Marty Green on the implications of the recent NAR settlement.)
Lender and Broker Services, Products, and Software
“Discover the power of partnership with Planet Home Lending Correspondent. Our continually refined product lineup spans vanilla to niche products all tailored to your unique needs: Best effort, mandatory AOT, delegated, or non-delegated. Connect with Planet at the Great River Conference in Memphis, TN, April 16-18. To schedule your meeting, reach out to Regional Sales Managers Joe Griffin 859-806-3323 and Gary Strohwig 262-224-4435, or Renovation Account Executive Margie Walsh 732-673-6228. Not going to Great River this year? Click here to download the latest version of our Product Highlights, then put Planet to work for you in 2024.”
PlainsCapital Bank National Warehouse Lending, a subsidiary of Hilltop Holdings (NYSE: HTH), understands the importance of efficiency when it comes to meeting mortgage lenders funding requests. “Express Funding” is how we help our customers reduce the time needed to get loans funded quickly. Express Funding allows our customers to submit multiple loans for funding in one simple data upload, whether it is one loan or 100 loans. We have a growing list of 5,000+ approved closing agents, No Doc funding requirements and funding turn times averaging under 20 minutes! As a well-capitalized financially strong banking partner we give our customers confidence in an uncertain market. If you are interested in learning more about PlainsCapital Bank National Warehouse Lending please contact Deric Barnett, (469)955-6786.
Make your general ledger profitable and run your business more efficiently with Loan Vision and LV-PAM. Instead of “staying alive until ‘25”, with Loan Vision, a software built BY the mortgage industry FOR the mortgage industry, you can “produce more in 24!” Customers on Loan Vision see improvements of 30 percent+ decrease in days to close the books, 20 percent+ reduction in accounting headcount, complete LOS to G/L automation, and improved reporting and visibility. Interested in learning how Loan Vision can help you run a more efficient and profitable company? Contact Carl Wooloff to schedule a call today.
For independent mortgage banks coping with shrinking production volumes and rising costs per loan, outsourcing accounting is an elegant solution to what’s become a very common challenge. Whether you have no accounting expertise in-house or you have a new team with no mortgage experience, you can tap the Richey May Client Accounting and Advisory Services (CAAS) team for the support you need. This team is stacked with mortgage industry experts who can tailor your solution to meet your most pressing needs in a volatile time, with no training needed. Need help transitioning to loan level accounting? Need a fully outsourced function? You got it! Need industry training for your controller? We can do that. In this article, Richey May’s expert Kim Dittmer answers all your most frequently asked questions around outsourced accounting as a mortgage bank.
STRATMOR Comp Survey
Lenders, how have rising rates and shrinking margins impacted your 2024 compensation plans? STRATMOR Group’s Spring 2024 Compensation Connection® Study provides valuable comparisons on compensation components, incentive plan structure, compensation percentiles, and more. Three-year trailing data is also included with most data points. Find out how you compare to your peers by participating. Results will only be available to participants, so register today! Questions? Email [email protected].
Webinars, Events, and Training into April
(A good place for longer term conference planning is to start is here, and click on “Conference List” for in-person events in the future.)
How lenders can save money: Most lenders are painfully aware of rising loan origination costs, which is a common trend in a down market. Yet some lenders are fighting back… Like Lower, which has found a way to save as much as 80 percent on these operational line items and win more loans. Sign up for this exclusive webinar taking place today at 11AM PT, featuring James Duncan and Donielle Geiser (Lower), and Richard Grieser (Truv), and yours truly where they’ll share their take on today’s market and how they’ve reduced costs on operational line items previously thought to be beyond a lender’s control.
Texas Mortgage Bankers Association monthly education webinar: “Guardians of Security.” Join Texas Mortgage Bankers Association for an insightful presentation on navigating cyber risks in the mortgage lending marketplace, Guardians of Security – Navigating Cyber Risks in the Mortgage Industry, today, 11:30 am – 12:30 pm.
Tomorrow, March 22, is this week’s episode of The Mortgage Collaborative’s Rundown covering current events in the mortgage market for 30-45 minutes starting at noon PT, 3PM ET, in “The Rundown”. Tomorrow’s will be co-hosted by TMC CEO David Kittle.
Looking for more in-depth commentary on weekly mortgage news? Register here for “Mortgage Matters: The Weekly Roundup” presented by Lenders One. Every Wednesday at 2:00 PM EST/11:00 AM PT is a dive into a range of mortgage-related topics, including market trends, interest rate fluctuations, innovative mortgage products, and industry advancements. Next week, watch MBA President Bob Broeksmit discuss the industry!
FHA Servicing Quality Assurance Update, Virtual Webinar on March 27, 2– 3:30 PM (Eastern) will provide FHA quality assurance results for calendar year 2023 focusing on top findings from loan-level servicing and lender-level operational reviews. The webinar concludes with a live question and answer session.
On Thursday, March 28th from 2:00-3:00 PM, join CoAMP and Michael Flynn, Of Counsel, w/Buchalter for an informative session moving forward in the current mortgage market could look like, including: What are the areas of increased regulatory activity and likely new rules? The impact on brokers of likely foreclosure increases (increased attacks on whether loans meet the ATR and QM requirements. And increased repurchase and indemnity demands from lenders to brokers). The cost is $10 for CoAMP Member and Member Guests/$25 for Future Members (which can be credited towards an annual CoAMP membership). A virtual link will be sent prior to the event.
Want to hear how top producers are thriving in today’s market? Don’t miss the Modern Mortgage Summit on March 28th, hosted by industry leaders Dave Savage and Todd Bookspan. Tune in virtually to hear from 12+ of the nation’s top mortgage professionals, including Jeremy Forcier, Shayla Gifford, and Dan Keller, as they share their best strategies for success in a TED-talk style format. Virtual tickets are only $100, and a portion of your ticket purchase supports the financial literacy nonprofit, FirstHome IQ. Secure your ticket today at modernmortgagesummit.com.
During a virtual press conference on March 28, ABA Economic Advisory Committee Chair Simona Mocuta, managing director and chief economist at State Street Global Advisors, will present the latest consensus economic forecast from this panel of top economists at some of North America’s largest banks. The Committee’s updated outlook comes as inflation gradually abates, economic uncertainty persists, and the Federal Reserve considers a less restrictive policy. The committee’s forecast will include the group’s latest assessment of GDP growth, unemployment, inflation, interest rates and credit conditions. RSVP required: Please contact Ava Castelli to RSVP and receive login/dial-in information.
FHA is offering In-Person, Free Underwriting Training in Denver, CO., April 10, 9:00 AM – 12:00 PM MST. Training will provide an overview of FHA underwriting procedures as outlined in FHA’s Single Family Housing Policy Handbook 4000.1 and addresses several industry-related frequently asked questions (FAQs). This training will also take an in-depth look at a variety of topics including credit, income, and asset (CIA) documentation; manual underwriting; automated underwriting systems (AUS); closing; and more.
FHA is offering In-Person, Free FHA Appraisal Training in Denver, CO., April 10, 1– 4 PM MST. Training will provide an overview of FHA appraisal protocol and updates to FHA appraisal policy as outlined in FHA’s Single Family Housing Policy Handbook 4000.1. This training will also take an in-depth look at a variety of appraisal-related topics including property acceptability criteria; minimum property requirements; property defects; appraiser responsibilities and requirements; and more.
Join the MBA of NJ, in partnership with HUD for the 2024 HUD Housing Counseling Session, April 11th, 2:00PM – 4:00PM at the Federal Reserve Bank of NY., Keys to Homeownership: Building Strategic Partnerships.
Acquire a greater perspective from industry experts at American Mortgage Conference from April 15 – 17. Held in a new location this year at the Marriott Savannah Riverfront in Georgia. Co-hosted by ABA and the North Carolina Bankers Association, this premier conference is the only mortgage event that blends business and regulation to assure you are fully up to date and fully connected to crucial professional networks.
AmeriCatalyst explores the operational impact of climate change and its profound industry-wide implications for the US housing and finance market. The event brings together senior representatives and CEOs from government entities including the White House, The Fed, Treasury and the FDIC; government housing entities; insurance companies; institutional investors; investment banks; banks; mortgage originators and servicers; homebuilders; Single Family Rental Operators and REITs; the leading data providers; economists; academic institutions; climate tech providers and world renowned climatologists. The purpose of the event is to recognize, prioritize, mobilize, and prepare for an increasingly volatile, unpredictable, and potentially uninsurable future due to extreme and catastrophic weather-related events due to climate change. AmeriCatalyst’s GOING TO EXTREMES: The Climate, Housing and Finance Summit is being held at the Gaylord National Harbor (in the Washington DC area) on April 18 and 19. Contact Toni Moss (512-461-6340) with questions.
Capital Markets
AC/DC released its masterpiece, “Back in Black,” 44 years ago. The album was a rebirth after its original lead singer’s death. After challenging times, mortgage lenders seek to get back in the black on their income statements. One solution is moving back to mandatory delivery, and Optimal Blue can help you do it. For nearly 20 years, Optimal Blue has advised and guided originators to transition from best efforts to mandatory successfully. With recent data showing the best efforts to mandatory premium above 40 basis points (bps) for conventional 30-year loans, the return on investment provides a clear path to a return to the black. Whether you are approaching or expecting a volume boost or looking to put fewer agency-eligible loans on your balance sheet, now is the time to learn how Optimal Blue can help. To learn more, connect with Mark Teteris, CMB, Optimal Blue’s director of solutions specialists.
Interested in learning more about moving from best efforts to mandatory loan sales? Maybe you’ve already moved to mandatory and are looking for even more pickup and ways to mitigate risk? Join MCT’s Moving to Mandatory Loan Sales webinar on April 4th at 11am PT to learn how mandatory loan sales is helping lenders improve profitability while reducing risk. In this webinar, MCT’s Scott Holtz, Vice President of South Regional Sales, will discuss how to leverage mandatory loan sales to improve profitability, manage risk with pipeline hedging, and operational changes needed for the transition. Register for the webinar or join MCT’s newsletter to receive the latest educational content.
In interest rate news, as was widely expected, the Fed held the federal funds target steady at a range of 5.25 percent to 5.50 percent yesterday, extending the pause on rate changes that followed their most recent hike last July. This decision was unanimous as the Fed believes that employment and inflation goals are moving into better balance. However, the committee also repeated from their prior statement made January 31st, that it “does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent.”
Meanwhile, the latest summary of economic projections showed no change in the Fed’s median fed funds rate projection for this year (4.6 percent) while the forecast for 2025 was raised to 3.9 percent from 3.6 percent. The Core PCE forecast for 2024 was raised to slightly while the GDP growth forecast increased slightly as well from the last estimate in December. During his press conference, Fed Chairman Powell said that it will be appropriate to slow the pace of asset runoff fairly soon. Rate cut expectations increased by yesterday’s close with the implied likelihood of a June cut rising to 74 percent from 59 percent on Tuesday.
Following yesterday’s Fed events, today brings the latest decisions from the Swiss National Bank, Norges Banks, and Bank of England. The U.S. calendar has already kicked off with the Q4 current account deficit, weekly jobless claims (210k, down slightly; continuing claims 1.807 million), and Philadelphia Fed manufacturing (3.2, down but not negative).
Later today brings S&P Global flash PMIs for March, existing home sales for February, leading indicators, Treasury announcing the auction sizes for next week’s month-end supply auctions before auctioning off $16 billion reopened 10-year TIPS, Freddie Mac’s Primary Mortgage Market Survey, and remarks from Fed Vice Chair for Supervision Barr. We begin the day with Agency MBS prices a tough better than Wednesday, the 10-year yielding 4.24 after closing yesterday at 4.27, and the 2-year yield down to 4.58.
Jobs
“It’s 1999: Californication and Slim Shady dominate the charts, the iconic films Fight Club and The Matrix are released, Serena Williams wins her first Grand Slam to kick off an outrageous career and with inspiring greatness being born all around Seth Fass founds East Coast Capital. Celebrating its 25th anniversary, East Coast Capital has scored incredible victories for clients to achieve their homeownership goals. Once a small broker, NY-Based East Coast Capital is now a licensed bank across the nation, approved with Fannie, Freddie, and FHA and also specializes in underwriting Non-QM loans. Committed to providing homeowners access to capital and supporting loan officers with a diverse range of products and common-sense approach to underwriting, the movies and songs may have fallen off the playlist and Serena has retired from the courts, but born among the best, East Coast Capital still remains! Ready to Join? Email us here.”
Congratulations to John Hedlund, the Chief Operating Officer and Managing Director of AmeriHome, who has announced his retirement from the company.
Calling all applicants for Flagstar’s MortgageTech Accelerator, a highly acclaimed incubator for young fintech companies with fresh solutions for the mortgage sector, now in its fifth edition. Flagstar is looking for applicants who are making breakthroughs in all facets of the mortgage business including origination, processing, marketing, servicing, compliance, sales, underwriting, credit, and quality assessment. The program comes packed with perks like access to Flagstar senior executive mentors and a wide network of potential customers, as well as the opportunity to test solutions in a real-world controlled environment. Ranking high among the selection criteria are the potential for technological innovation, prospects for growth, and CRA impact. Past alums Greenline, Calque Inc., and Housetable, give the program a resounding thumbs-up. Check it all out here and email your pitch deck to [email protected] by April 15.
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Are you wondering where to sell jewelry that you don’t need? Here are the best places to sell jewelry online and near you to make extra money. If you want to sell your stuff and make money, you can sell engagement rings, necklaces, rings, bracelets, and whatever else you have. Selling jewelry can help you…
Are you wondering where to sell jewelry that you don’t need? Here are the best places to sell jewelry online and near you to make extra money.
If you want to sell your stuff and make money, you can sell engagement rings, necklaces, rings, bracelets, and whatever else you have.
Selling jewelry can help you make money when you have items that you don’t need anymore. There are different ways to do it, both online and in your local area.
You can use websites like eBay or Facebook Marketplace for a broad audience. If you have expensive jewelry, sites like Worthy or TheRealReal might be a good fit. You can also sell directly to local places like jewelry stores, pawn shops, or at craft fairs, if you need cash right away. They all have their advantages and disadvantages, and I will be going over each below.
Best Places To Sell Jewelry Online and In Person
Below are the best places to sell jewelry online through selling apps and online marketplaces, as well as in person near you.
1. Worthy
I think that one of the best places to sell jewelry online is Worthy.
Selling jewelry like diamond engagement rings or fancy watches can be a way to make money on jewelry that you do not need anymore.
Worthy uses an auction setup, which means many people will see your jewelry, with a good chance of getting a higher price than at your local pawn shop or other online marketplaces.
You can sell items like the below on Worthy:
Earrings
Wedding or engagement rings
Necklaces, pearls, and more
Bracelets
Loose diamonds and gemstones
Watches
You start by telling Worthy what you’ve got (necklace, ring, etc.). They give you free shipping (insurance included) to send it to them. Once your jewelry is in their hands, they clean it up, have it evaluated, take some quality photos, and even get an appraisal.
You get to set a minimum price you’re okay with – called a reserve price – before your jewelry hits the online auction stage.
The whole process typically takes around 2 weeks from shipping to getting paid.
2. Local jewelry stores
When you decide to sell your jewelry, one way is with local jewelry stores. These shops tend to have personalized service and can give you immediate payment for your jewelry pieces. So, if you want to sell your jewelry in person, then this may be the best option for you.
You’ll want to start by researching local jewelry stores near you with good reputations, such as by looking for reviews online or asking people you know for recommendations.
Prior to visiting, understand the value of your jewelry. Some stores might do appraisals, but getting an independent one is often better for comparison so that you know how much money you should be asking for.
And, don’t hesitate to negotiate the price offered. Store owners expect it, and you might be able to get more money for your jewelry.
Some local stores offer trade-in options too. You might receive a higher value if you choose store credit instead of cash.
Make sure to bring your ID with you, as most jewelry stores will require it to process the transaction.
By choosing to sell your jewelry locally, you can typically make money a lot faster than if you sold your jewelry online, which is a huge benefit.
3. Pawn shops
If you want to know where to sell jewelry near you for cash, then pawn shops are typically the first choice.
Pawn shops are local businesses that give cash right away for items, such as fine jewelry, high-end collectibles, and electronics. Pawn shops operate by providing you with a loan based on the collateral value of your item or by purchasing it from you outright.
At a pawn shop, you’ll find a process that’s usually quick and straightforward. Whether you decide to pawn or sell, the staff will assess your jewelry’s value. This value depends on current market prices, the item’s condition, and more. Gold, silver, platinum, diamonds, and gemstones are typically accepted, regardless of their condition.
Before you visit, clean your jewelry to make sure it looks its best, and gather any certifications or paperwork that verifies its authenticity or value. This preparation can help you get a better offer.
Selling vs. pawning:
Selling: You receive cash immediately for your item without any obligation to repay.
Pawning: You get a loan based on the value of your jewelry, with the chance to reclaim your item once you repay the loan plus interest.
4. Selling at auctions
If you want to know where to sell your jewelry to get the most amount of money, then an auction may be it because there is usually a wide audience to bid on your pieces.
You will want to find an auction house and contact a jewelry specialist. It’s important to understand that your jewelry will be sold to the highest bidder once the auctioneer concludes the bidding.
Fees vary, so it’s important to ask about buyer’s premiums and seller’s commissions, as these will impact your final take-home amount. Also, carefully read the terms and conditions before you agree to auction your jewelry, as you need to be aware of payment procedures and timing.
5. eBay
If you’re thinking about selling your jewelry, eBay can be a good place to sell it. It’s an online marketplace (I’m sure you’ve heard of it) with lots of people looking for all different kinds of things around the world.
I have personally sold many items on eBay over the years, including jewelry (nothing too expensive, as I’ve never had expensive jewelry, but there is more expensive jewelry listed on eBay as well). It’s an easy way to list your jewelry online and see if people around the world are interested in buying it.
When you want to sell, take clear pictures of your jewelry from all sides and focus on any logos, textures, or stones. You can also show how the jewelry looks on real people or mannequins to help buyers see how it fits.
To price your pieces competitively, research what similar items are selling for. This may include looking at sold listings to understand how other sellers title and describe their items.
eBay charges a final value fee when your jewelry sells, so factor this into your pricing. With the right approach, eBay can be the perfect place to earn money while clearing out your jewelry box.
6. Consignment shops
Consignment shops are another popular place to sell jewelry.
Consignment means the shop will sell your jewelry for you and take a percentage of the sale price as their fee. This fee can range from 10% to 70%, so it’s important to ask about the commission rates before agreeing to sell your items.
When choosing a consignment shop, remember to:
Check their reputation and reviews.
Understand their commission rates and payment methods.
Ask about their process for valuing jewelry.
Ask about how they secure and insure your items while in their possession, just in case a customer walks away with it.
What makes consignment shops different from the others is that you will not receive any money until someone actually buys the jewelry. So, if it’s an in-person consignment shop, that could be weeks or even months.
7. Yard sales
When you’re looking to sell your costume or lower-value jewelry, you may want to set up a yard sale.
These local events are perfect for selling items that range from playful dress-up accessories to the everyday pieces you no longer wear.
I recommend putting a mirror near where you have your jewelry for sale at your garage sale so that people can see how they look with your jewelry. This can help on-the-spot decisions and give individuals a “try before you buy” experience.
Now, jewelry at a yard sale typically does not sell for much. You may get just a few dollars for your jewelry pieces. But, if you have a lot of jewelry that is not worth a lot, this is an option to sell it fast and earn at least a little bit of money.
8. Facebook Marketplace
Facebook Marketplace can be a convenient online platform if you want to sell your jewelry. With local and nationwide reach, it allows you to list your jewelry easily.
All you have to do is take some pictures of your jewelry from different angles and write a title with a quick description. You will also want to include the type of jewelry, the brand, condition, and mention any certificates or appraisals that it has.
Start by taking clear photos of your jewelry from different angles, and make sure to include close-up shots to highlight details and any craftsmanship.
Because Facebook Marketplace typically means that you will be meeting buyers in person, I highly recommend meeting in well-lit public places for local transactions or using secured payment and shipping methods for long-distance sales.
9. Local craft fairs or markets
If you have a lot of handmade jewelry to sell, then you may want to try setting up a stand at a local craft fair or market. These events give you a chance to present your handmade pieces to a community that appreciates more unique and artisanal items.
To find the right venue, research local fairs and markets that attract buyers interested in jewelry. Look for events that have a history of successful artisan sales. Remember, not all fairs are created equal, so pick ones that match your style and audience.
10. TheRealReal
If you have luxury jewelry you’re ready to part with, you can try selling through TheRealReal.
The RealReal is a high-end consignment online store that sells luxury items, such as designer clothing, shoes, and jewelry. You can earn up to 85% of the selling price for your items.
This marketplace specializes in consignment sales of high-end items. If brands like Chanel, Cartier, Van Cleef & Arpels, Tiffany & Co., and Rolex are in your collection, you’re in luck, as TheRealReal is known for these luxury names.
11. Sotheby’s
If you want to sell your valuable jewelry, Sotheby’s is a respected auction house known for selling fine art, jewels, watches, and wine. They are well-known globally, with offices in cities like Geneva, New York, Los Angeles, and Hong Kong.
Sotheby’s is known for handling the sale of expensive jewelry, and they have made headlines with the auction of the Royal Jewels from the Bourbon Parma Family, which fetched millions of dollars.
They have specialists who are experts who can help you understand the value of your jewelry and guide you through the consignment process. They’re always ready to view pieces in person, and you can schedule an appointment or ask about a visit.
12. Cash for Gold USA
Cash for Gold USA is a company that buys gold jewelry, such as gold necklaces. They also buy silver jewelry and diamond jewelry.
Cash for Gold USA gives out free appraisal kits, and these kits are the first step to figuring out how much your items are worth. It doesn’t matter if your jewelry is in excellent condition or a bit damaged; they are interested in buying a lot of gold and silver jewelry.
The mail-in system they have makes sure that you can send your gold without worry that it will be lost. They prioritize making it an easy and secure process for you. Here is what you need to do:
Request an appraisal kit or download the shipping form from their website.
Mail your gold or silver jewelry safely.
Wait for an offer.
Get paid.
If you decide to accept their offer, you will receive payment for your jewelry. Keep in mind that the current market price and the condition of your jewelry will affect the offer you get.
It’s important to note that Cash for Gold USA also buys other forms of gold, not just jewelry. They accept coins, watches, and even scrap gold. They claim to offer competitive prices and a 10% bonus on your quote when you obtain a certified appraisal from the Gemological Institute of America (GIA). This can potentially give you more cash compared to other competitors.
Tips for Selling Your Jewelry
Before you sell your jewelry, it’s important to know its value, make it look its best, and showcase it well with good photos. Skipping these steps might put you at a disadvantage when selling.
How to find out how much your jewelry is worth
Knowing how much your jewelry is worth is important because it affects where and how you sell it.
If your jewelry is valuable, you might get better offers at places like Sotheby’s auction house or specialized services for fine jewelry.
On the other hand, if your jewelry has a lower market value, then local options or online marketplaces could be faster and easier for selling.
To find out how much your jewelry is worth, try getting an appraisal from a certified professional. They look at things like quality, gold content, and whether there are diamonds or other precious metals to figure out the value.
You can find a good appraiser through groups like the American Gem Society.
Preparing jewelry for sale
After you find out the value, make sure your jewelry is ready to sell.
Cleaning is important; you could even think about professional services to make it shine, especially for valuable items like diamond pieces. Check if any repairs are needed, and keep records of the jewelry’s quality and materials.
These details will help convince potential buyers of its value.
Photographing your jewelry for listings
Take photos that show off the sparkle and details of your jewelry, making them really appealing to buyers.
Use a high-quality camera, and take pictures in natural light when you can get the most accurate representation of your jewelry.
If you’re selling online, make sure your pictures are sharp, clear, and show the true condition and quality of the piece.
Frequently Asked Questions
Below are answers to common questions about where to sell jewelry.
What is the best way to sell jewelry?
The best way to sell jewelry depends on what you have. If you have an engagement ring to sell, then I recommend trying to sell it on Worthy. If you need cash right away (such as the same day), then finding a local jewelry shop or a pawn shop near you may be good options. If you have a lot of cheap jewelry, such as costume jewelry, then Craigslist or Facebook may be good options.
Where can I get the most money for selling jewelry?
To get the most amount of money for your jewelry, think about selling your jewelry directly to consumers on online platforms. This skips the middleman and lets you set competitive prices.
How can I sell my jewelry without getting ripped off?
To avoid being ripped off, research the current market for similar jewelry, set a fair price, and always use secure payment methods and platforms with protections for sellers. If you’re selling high-value items, getting an appraisal from a certified gemologist or a trusted jeweler can also provide proof of your jewelry’s value.
Is it better to sell jewelry to a pawn shop or jewelry store?
Selling to a jewelry store might get you a better amount of money if the store is interested in the resale value of your pieces. However, pawn shops usually pay you faster. If you need quick cash and are willing to accept a potentially lower price, pawn shops can be an option.
Do local jewelers buy jewelry?
Many local jewelers buy jewelry, especially if it’s a piece they can resell or use for parts. It’s always a good idea to have a few consultations with different jewelers in your area to compare offers.
What is the best place to sell jewelry near me?
The best place to sell your jewelry near you depends on the type of jewelry you have. If it’s modern or in high demand, local jewelers or consignment shops might give you good prices. But if it’s unique or antique, you might get better results from specialized markets or online platforms that target specific audiences.
Best Places Where To Sell Jewelry – Summary
I hope you enjoyed this article on where to sell jewelry online and in person.
As you can see, there are many places to sell your jewelry. Whether you have sterling silver, an engagement ring, a diamond necklace, sapphires, rubies, or even historical or estate jewelry for sale, there are many jewelry buyers who may be interested in the jewelry pieces that you no longer want.
Have you sold jewelry before? Where is your favorite place to sell jewelry?
Fun with numbers: Did you know that, at age 22, Billie Eilish has won twice as many Oscars (2) than 80-year-old Martin Scorsese (1)? (And yes, Samuel L. Jackson, Tom Cruise, and Johnny Depp have won a cumulative total of 0.) Lenders and vendors didn’t have a lot of fun with numbers in 2023, with overall production dropping from $4.4 trillion in 2021 to $1.6 trillion last year, a drop of 63 percent in dollar volume, even more in units since average loan amounts have gone up. Yes, this is an over-simplification, but have you cut your staffing and expenses by 63 percent? (The MBA is predicting $2 trillion this year.) Lenders and vendors who want to stay in business aren’t sitting on their hands, and many are out there adding related businesses (title, insurance), avoiding overly competitive markets or low margin products, monitoring branches or LOs taking advantage of pricing concessions, engaging in aggressive cost-cutting and renegotiating contracts and compensation packages, and tweaking their business models and channels. All easier said than done. (Found here, this week’s podcast is sponsored by Lender Toolkit. With Lender Toolkit’s AI-powered AI Underwriter and Prism borrower income automation tools, you’ll be able to get loans approved in under two minutes. Hear an interview with money manager Vijay Marolia on the affordable housing shortage.)
Lender and Broker Services, Products, and Software
Revolution Mortgage, a nationwide lender, partners with OptiFunder for end-to-end warehouse automation. “We’ve been using OptiFunder to help us manage our warehouse allocations for years. The optimization savings, easy platform, and customer service made us instant fans of OptiFunder,” said Revolution CEO and Founder Tony Grothouse. “We have recently expanded our use of the system to automate our entire funding process. Our team leverages technologies every day to boost efficiencies in the loan process.” Founded in 2019 to bring optimization and automation to the mortgage industry, OptiFunder has automated over a half million processes for originators, including funding, wire data checks, collateral shipping, purchase advice reconciliation and writeback to the LOS, paydown requests and more. With connections to over 150 warehouse lenders and investors, OptiFunder offers the most comprehensive automation from funding through loan sale. Schedule a demo or meet with us at ICE Experience 24 to learn more about our robust automation.
Mortgage capital markets tech leader Polly launches Lender Intelligence platform, leveraging robust data and analytics to drive margin expansion and cost reduction. Lender Intelligence provides a holistic view of a lender’s business and the wider competitive landscape via granular data visualizations that illustrate enterprise, market, and competitor benchmarking data and indices. “Polly has already established an unmatched reputation by reinventing the PPE to prioritize flexibility, granularity, and scalability. In 2024 and beyond, we will only continue to advance this innovation-focused approach and its application to mortgage data and analytics,” noted Founder and CEO Adam Carmel. Learn more about Polly and Lender Intelligence next week, March 18-20, at ICE Experience 2024. Schedule a meeting here, or visit Polly in #X24 booth 221.
This week, Floify launched Lender Edition, a newly badged version of the popular point-of-sale configured to give IMBs, credit unions and banks best-in-class tools at an accessible price point. While some vendors are squeezing lenders on pricing during market hardship, Floify is committed to being a supportive partner by offering flexible per-loan pricing without compromising access to product features or quality. Floify is popular for its intuitive interface for borrowers and lenders, and efficiency-driving features, such as automated document management workflows, free native eSign, verification of income and employment waterfall functionality, and loan progress transparency. The Floify team will be out in force at ICE Experience. Click here to schedule a meeting or visit booth 418.
“We know that not all property data is equal, and it certainly shouldn’t be viewed as a commodity. With data playing such a critical role in virtually every aspect of a mortgage (underwriting decisions, risk management, property, and asset valuation), it makes sense that you would get your data from a trusted provider. That’s why we wanted to highlight First American Data & Analytics and their industry-leading repository of recorded property document images. It’s true: more than 8 billion and growing! As a nationwide single-source solution, they are proud to provide property document images that are current, complete, and accessible. Feel confident in your ability to know where and how to locate the data, documents, and reports you need. Sound good? Learn more and get a sample of their data.”
“Hey credit union mortgage lenders, we have a webinar specifically tailored for you! As you know, unique challenges can arise when valuing new construction for your members. To help you navigate these complex projects, Class Valuation has assembled an expert panel with deep background knowledge of credit union lending, new construction, valuations, and the intersection of all three. Join our veteran panelists for insights on selecting appropriate comparable sales, selecting qualified appraisers, valuing the site, understanding ANSI standards, managing inspections, timing, and more. Titled “Successfully Navigating the Challenges of New Construction Valuation,” this webinar will equip you to do just that. This webinar is a valuable opportunity for credit union mortgage lenders to gain essential knowledge and strategies for navigating the complexities of new construction valuation. Don’t miss out – register today!”
Correspondent and Servicing-Released Options
Discover unparalleled expertise in multifamily servicing with Planet Management Group and Planet Loan Servicing at the IMN Texas Middle-Market Multifamily Forum in Dallas. As industry leaders, we’re ready to showcase our innovative solutions and expert advisory that empower investors to optimize their portfolio value. Join us for a convergence of trailblazers and gain insights that will shape the future of multifamily living in Texas. To secure your spot now with Samantha Manfer and Caitlin Moynihan, reach out or call (585) 512-1030. Elevate your investment strategy with us at the forefront of multifamily evolution.
If you read this column regularly, you know AmeriHome is the 2nd largest correspondent investor in the country and backed by the strength of Western Alliance Bank. There’s no better time than now to speak to an AmeriHome sales representative about everything from AmeriHome’s industry leading correspondent acquisition platform for Delegated and Non-Delegated lenders to Western Alliance’s specialty services such as Warehouse financing for lenders of all sizes, MSR financing, specialized Treasury Management Services, and corporate credit cards! AmeriHome continues to evolve its product offerings, having recently removed cash-out restrictions on VA loans and announcing that they will now purchase HomeReady and Home Possible loans with the $2500 grant for Very Low Income (VLIP) borrowers. Don’t miss them this month at the MCT Exchange in San Diego or the Houston MBA Golf Classic! Check Upcoming Events for details, find your sales representative, or email them to learn more about connecting with AmeriHome.
Agency News and Updates
Fannie Mae spread the word that lenders now will be able to validate assets, income, and employment with a single 12-month asset report in Desktop Underwriter®. That same asset report will also identify the borrower’s positive rent payment history and cash flow history. This could be a boon for both lenders and homebuyers – think faster cycle times, less paperwork, and enhanced access to credit, not to mention the ability for lenders to get Day 1 Certainty®, which can help improve loan quality and reduce the risk of repurchase. The enhancement goes into effect in DU on March 29. Reach out to your Fannie Mae representative for help getting started.
So yes, on March 29, Fannie Mae will update Desktop Underwriter® (DU®) validation service to allow for the digital verification of income and employment for casefiles submitted to DU which reference an eligible third-party asset verification report. Refer to the following resources to learn how DU validation service can help simplify your processes. Validation Using a Single Data Source. Read Release Notes. View the integration impact memo.
Freddie Mac Single-Family Seller/Servicer Guide Bulletin 2024-3 announces updates pertaining to: Uniform Loan Delivery Dataset (ULDD). Implementation notes that provide updates to existing ULDD data points, New ULDD Phase 4a valid values related to automated collateral evaluation (ACE), ACE+ PDR (property data report) and ACE+ PDR upgrade to hybrid, ULDD Phase 5 requirements for specific property data, mortgage products and data points, Manufactured homes closing protection letters.
Fannie Mae remains committed to expanding opportunities for those who are ready to purchase a home and maintain a mortgage. Recent innovations include: an enhanced pre-qualification experience through the DU early assessment to help lenders determine homebuyer preparedness and mortgage options earlier without the impact of a hard credit check on the consumer. An income calculator to help mortgage lenders automate the calculation of self-employment income streams during the underwriting process for homebuyers who don’t have traditional sources of income. A down payment assistance tool to help homebuyers find the down payment and closing cost assistance they need. Fannie Mae’s award-winning HomeView® and HomeView en Español, providing consumers and first-time homebuyers with educational tools and information about financial literacy and homeownership.
In March, the Fannie Mae Selling Guide has been updated to expand the DU validation service to allow income and employment validation using an asset verification report. Details can be found in Fannie Mae SEL-2024-02.
Fannie Mae is committed to promoting servicer awareness of fair servicing best practices. In 2023, Fannie conducted outreach with servicers and consumer advocacy groups to capture their efforts to ensure fair servicing. Refer to this resource as you develop and/or enhance your best practices.
Fannie Mae issued the following reminder: Use of the Uniform Property Dataset (UPD) will be required for value acceptance + property data offers as of April 1, 2024, when Fannie Mae’s proprietary Property Data Standards V6 will be retired. Explore the UPD page for more information including the current list of UPD service providers.
Pennymac updated Conventional LLPAs, effective for all Best-Efforts Commitments taken on or after Tuesday, March 05, 2024. View Announcement 24-19 for details.
Pennymac confirmed FHA’s non-borrowing spouse requirement and updated its guidelines accordingly. Refer to Pennymac Announcement 24-40 for examples.
As part of its commitment to maintain the highest quality and security of client data, Pennymac has finalized implementation of Multi-Factor Authentication (MFA) Technology in the P3 client portal with enforcement effective Friday, March 8, 2024.
“CMG is aligning with Fannie Mae and Freddie Mac regarding F&F’s announcement of a temporary enhancement to their HomeReady and HomePossible products. This enhancement includes a $2,500 credit for very low-income borrowers (VLIP) that can be used for down payment and closing costs. The loan must meet all of the guidelines and requirements defined by Fannie Mae and Freddie Mac in order for the loan to be eligible for purchase. This grant will be effective immediately for all new applications submitted. This is a temporary credit and CMG Corporate Credit will advise clients on the closing date for applications next year. If incorporating a HomeReady or HomePossible Very Low-Income Purchase (VLIP) within your Bulk Commitment, please contact our CMG Secondary [email protected] to let us know how you are labeling your VLIP loans.”
Arch MI announced a new second-lien product for its first-lien customers. Arch MI Equity Secure℠ provides mortgage insurance (MI) coverage on eligible home equity loans through Arch Mortgage Assurance Company (AMAC).
PHH Mortgage has made several modifications to the Seller Guide to adhere to agency guidelines and incorporate advancements.
Capital Markets
Interested in learning more about moving from best efforts to mandatory loan sales? Maybe you’ve already moved to mandatory and are looking for even more pickup and ways to mitigate risk? Join MCT’s Moving to Mandatory Loan Sales webinar on April 4th at 11am PT to learn how mandatory loan sales is helping lenders improve profitability while reducing risk. In this webinar, MCT’s Scott Holtz, Vice President of South Regional Sales, will discuss how to leverage mandatory loan sales to improve profitability, manage risk with pipeline hedging, and operational changes needed for the transition. Register for the webinar or join MCT’s newsletter to receive the latest educational content.
As far as the bond market is concerned, investors yesterday continued to digest the February CPI data, in which consumer prices rose more than analysts anticipated. And despite excellent demand as the U.S. Treasury reopened $22 billion in 30-year bonds, selling was the “trade of the day.” That selling added to post-CPI losses ahead of today’s release of PPI (expected 0.3 percent month-over-month) and Retail Sales (expected 0.7 percent month-over-month) for February.
Today’s busy economic calendar is already under way with retail sales (+.6 percent, somewhat less than expected, ex-auto +.3 percent), PPI (+.6 percent, twice what was expected, core +.4 percent), and weekly jobless claims (209k, little changed from 210k; 1.811 million continuing claims). Later this morning brings January business inventories, a series of Treasury auctions that include 20-year bonds and 10-year TIPS, and Freddie Mac’s Primary Mortgage Market Survey. We begin Thursday with Agency MBS prices worse about .125 from Wednesday evening, the 10-year yielding 4.22 after closing yesterday at 4.19 percent, and the 2-year yielding 4.66 after the reminder that inflation is not going down and the labor market continues to be strong.
Jobs
A mid-sized, Mid-West lender is looking for a Wholesale Underwriting Manager to join its leadership team. As a key player in a growing organization, you’ll be responsible for overseeing and elevating the wholesale underwriting process. If you’re looking for a role with a seat at the table and the ability to make a difference, this position may be for you! Remote applicants will be considered. Interested parties should contact Chrisman LLC’s Anjelica Nixt to forward your resume.
Don’t forget that anyone displaced from their position can post their resume for free on www.lendernews.com and potential employers can view resumes for several months for the nominal charge of $75.
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“I heard that 80 percent of car accidents occur within one mile of a person’s residence, so I moved.” But it turns out that moving doesn’t improve your driving, although it does improve lender’s volumes. Home Bay just published a survey that found 75 percent were happy with their decision to move. But 86 percent of Americans who moved in 2023 have regrets about moving, up from 75 percent in 2022. With many movers charging by size and weight, 24 percent of Americans wish they downsized their belongings before moving. Other common regrets include missing their old home (24 percent) and that moving was too expensive (20 percent). What’s more, nearly half (46 percent) of Americans shed tears and 42 percent fought with their loved ones during the moving process. The top reasons for moving in 2023 were to improve their quality of life (31 percent) and upsize their home (21 percent). If money were no object, the states Americans most want to move to are California (32 percent), New York (29 percent), and Florida (24 percent). However, migration data from Allied Van Lines shows more affordable states such as Montana, Vermont, Arkansas, and Idaho have the highest percentage of inbound moves. (Found here, this week’s podcast is sponsored by Lender Toolkit. With Lender Toolkit’s AI-powered AI Underwriter and Prism borrower income automation tools, you’ll be able to get loans approved in under two minutes. Hear an interview with Lender Price’s Dawar Alimi on specific ways that lenders are benefiting from seamless integrations.)
Lender and Broker Services, Products, and Software
ICE is making servicing simple with the next generation of MSP®, the industry’s best-in-class loan servicing system. The new experience will include a “conversational intuitive interface” that will modernize workflows, allowing back-office users to simply type in a description of a servicing task, using common business language, and the software will automatically curate the relevant information they need to perform their work. Not only will its new interface save time for existing users, but it will also help new employees get up to speed faster by making the system intuitive to pick up and easy to navigate. Learn more about the new MSP experience here, as Bonnie Sinnock, capital markets editor for National Mortgage News, previews the upcoming technology in an article that ICE has made available as a complimentary download.
In the wake of frequent breaches within our industry, we are reminded of the precarious position mortgage lenders and their customers’ data are currently in. These repeated security incidents emphasize an undeniable truth: robust cybersecurity defenses are not merely an option; they are imperative. A breach can mean the difference between a thriving business and a devastating collapse. There is a very real risk to mortgage companies right now; you’re not just guarding data, you’re safeguarding trust, livelihoods, and the very integrity of the financial system. It’s a responsibility to take seriously, and it’s time to double down on cybersecurity. Richey May’s cybersecurity team is here to help: Check out its latest post detailing the often-overlooked risks in the industry.
“When you partner with a subservicer, you’re entrusting them with your most valuable assets: your customers and your reputation. Knowing they are important to you, they must be important to your subservicer, and you must see it in their actions. They should provide the care to your customers that reflects your brand and deepens the positive relationship you created at origination. If they are falling short, then your best option is to partner with Servbank. Not only do we provide your customers with a best-in-class experience, but we do it with your branding and identity in all communications and interactions. It’s as if you’re the one providing service to them, and with 99 percent customer satisfaction rates, which will help make them your customers for life. It’s your business. Servbank believes it ought to be your branding, too. Learn more about Servbank.”
Heading to ICE Experience in Las Vegas this year? The Total Expert team will be at booth #513 to show you how to uncover more loan opportunities, streamline your workflows, and unlock your organization’s full potential with our enhanced Encompass integration. Supercharge loan officer productivity and drive unprecedented growth with new features and functionality that allow you to seamlessly share data between platforms, create loan files with one click, and more. Drop by our booth at Ice Experience or book a personalized demo to see firsthand how the Total Expert + Encompass integration will transform your day-to-day operations, drive growth, and help you close more loans in any market!
Webinar: How to Build a Comprehensive QC Plan! Learn how Credit Unions can enhance operational excellence while minimizing risk exposure by having a solid quality control plan in place. Former CUSO Quality Control manager, Brock Miler (CMQ/OE) and EVP at ACES, Kyle Kehoe will review industry requirements and best practices to ensure credit unions remain steadfast in their commitment to quality. Date: Wednesday, March 20th at 11:00AM PDT. Topics Covered: Importance of having a sound QC Plan, review each component of the QC plan, best practice on how best to succeed within each category, how to leverage technology to maintain operational excellence and lower risk exposure within your QC program. Register for the webinar.
TPO Product News
Do you want to expand your footprint into the Non-Agency space, but are apprehensive of the underwriting challenges? Lakeview is your solution. Within the Bayview Non-Agency Product Suite, you decide the best underwriting route by product: Delegated or Non-Delegated. Included, are live, comprehensive trainings empowering you with the expertise desired. Still unsure? Let us know, and we will help you step forward.
HUD Secretary Steps Down
HUD’s Marcia Fudge announced that she will step down as secretary of the Department of Housing and Urban Development, effective March 22. A Biden appointee, Fudge, 71, did not provide a specific reason, although that job can’t be without its challenges. I met her a few times, and was always impressed. Adrianne Todman becoming Acting HUD Secretary.
Accolades immediately flooded in.
MBA’s President and CEO Bob Broeksmit, CMB: “MBA thanks Marcia Fudge for being a trusted industry partner and champion of improving affordable homeownership and rental housing opportunities for all Americans during her three-year tenure as HUD Secretary. We commend Secretary Fudge and her staff for their contributions on numerous issues, including working with the industry to ensure struggling borrowers could remain in their homes through COVID-19 forbearance relief and other loss mitigation reforms, making homeownership more affordable by lowering mortgage insurance premiums, increasing multifamily large loan limits for the first time in nearly a decade, and implementing improvements to existing HUD programs to boost single-family and multifamily housing supply.”
The National Housing Conference’s (NHC) President and CEO David M. Dworkin: “Secretary Marcia Fudge’s tenure at HUD has surpassed all expectations, including her own, earning her recognition as a highly consequential HUD Secretary. Throughout her leadership, Secretary Fudge has been a steadfast advocate for equitable housing policies, championing initiatives aimed at alleviating homelessness, expanding access to affordable housing, and fostering sustainable communities.
FHFA Director Sandra Thompson: “Secretary Marcia Fudge is an outstanding leader who is a strong advocate for affordable, equitable, and sustainable housing opportunities for all Americans. During her tenure as Secretary of HUD, the country faced numerous housing challenges including recovering from the COVID-19 pandemic, limited affordable housing supply, and the continuing effects of housing discrimination and homelessness. Secretary Fudge took decisive action to address these and other challenges.”
Ginnie Mae President Alanna McCargo: “For the last three years, Secretary Marcia L. Fudge has led the Department of Housing and Urban Development fearlessly and passionately as our 18th Secretary. It has been a great honor to serve under her leadership for her entire tenure, first as her Senior Advisor for Housing Finance, and since 2021, as the President of Ginnie Mae. Secretary Fudge has made history and changed the trajectory of HUD for the future.”
Capital Markets
Make no mistake: 101 courses aren’t just for college freshmen. In fact, mortgage lenders of all experience levels can benefit from Optimal Blue’s upcoming webinar, Hedging 101: The Benefits of Mandatory Delivery. This session will be back by popular demand on Thursday, March 14, at Noon CT. Pipeline hedging experts Jeff McCarty and Mark Teteris, CMB, will walk attendees through the theories behind hedging practices, various hedging instruments, best execution analysis and strategies to employ during market fluctuations. Whether you’re just entertaining the idea of transitioning to mandatory delivery, or you’re already a hedging veteran, you won’t want to miss this informative and directional webinar. Save your seat today.
“Looking to Sell Agency Servicing? Are you getting low, or even worse, no bids because of the size of your MSR portfolio? Want to establish a long-lasting selling relationship? We buy performing Agency Servicing starting at $25,000,000. While others turn down small pools we excel. Discover the value you have been missing. Send us an email or call Shane at 602-402-1599.”
This week opened with investors making last minute bets ahead of today’s highly anticipated February CPI inflation report. A report that could clue market participants in on the Fed’s rate timing. The CPI index likely ran hot in February due to higher gasoline prices, but core inflation was expected to slow further (read on for results!) as car prices fell and rent increases slowed. Americans still aren’t confident about the longer-term inflation outlook: After hitting a record-low in January, U.S. consumer expectations for inflation over the next three years climbed to 2.7 percent last month, according to a Federal Reserve Bank of New York survey. Five-year expectations climbed to 2.9 percent, while projected year-ahead inflation was unchanged from January at 3.0 percent.
With a week to go until the next FOMC meeting, economic data released over the last week reaffirmed there is still a long way to go until Fed officials will feel fully confident that inflation is on an assured path to two percent. For the fourth straight month, the economy added more jobs than the market was expecting. Nonfarm payrolls increased 275k, however the prior two months were revised down by a combined 167k. The unemployment rate increased to 3.9 percent from 3.7 percent, which is a two-year high. Job openings were 16 percent below their number from one year ago and there were 8.86 million openings in January. The share of workers quitting their jobs fell to its lowest rate in six years (excluding spring 2020) which should help slow wage growth later in the year. The labor markets’ continued resilience reinforces the Fed’s view of resilient economic expansion and potentially further delays rate cuts.
Today’s economic calendar is already under way with the February CPI report: hot at +.4 percent on headline and core (ex-food & energy). Headline and core were seen increasing about 0.3 percent month-over-month. Before CPI, we had the NFIB Small Business Optimism Index for February: it decreased in February, marking the 26th consecutive month below the 50-year average of 98. Twenty-three percent of small business owners reported that inflation was their single most important business problem and replacing labor quality at the top.
Later today brings Redbook same store sales for the week ending March 9, the February budget statement from the CBO, and Treasury auctions that will be headlined by $39 billion reopened 10-year notes. After the inflation data, we begin Tuesday with Agency MBS prices roughly unchanged from Monday afternoon and the 10-year yielding 4.10 after closing yesterday at 4.10 percent. The 2-year is at 4.56: not a lot of movement after the CPI data.
Employment
“Arc Home, a Top 10 Non-QM and Non-Agency Originator is on the lookout for an exceptional leader to become our next Vice President of Quality Control. At Arc Home, we pride ourselves on fostering a culture of innovation, integrity, and growth, offering an environment for professional development and work-life balance. This position is your chance to contribute to our mission of creating an optimal client experience and to shape the future Arc Home. If you’re an experienced mortgage pro with a passion for compliance and operational excellence, we want to hear from you. Apply on our careers page or connect with Jacki Renard for a deeper insight into how you can elevate your career and make a difference at Arc Home.”
Megastar Financial Corp. is thrilled to announce John Owens as EVP and Chief Strategy Officer! With over 20 years in the mortgage industry, Owens brings a wealth of knowledge and an impressive record of success to Megastar. In his new role, he will drive sales growth, foster industry relationships, and demonstrate how modern lending solutions are game changers for lending teams. Owens stated, “One of the many reasons I joined Megastar is because they have adopted agency technology along with AI that significantly lowers production costs, while increasing transaction speed and customer service. Pre-qualifications or approvals can be delivered at the time of application, a game-changer for any loan officer aiming to stand out. Additionally, Megastar’s unique program, powered by its financial strength, supplies qualified leads directly to loan officers. This holistic approach elevates service, making MegaStar a leader in customer satisfaction and efficiency.” Connect with John on LinkedIn.
Take your business to new heights with OceanFirst Bank. Steve Adamo, President of Residential and Consumer Lending continues to expand OceanFirst Bank’s Residential Lending division. As a result, top producing Loan Officers have joined the Bank. With the ability to blend the benefits of an independent mortgage company with the stability of a banking environment, OceanFirst Bank is growing exponentially. Loan Officers that join the team have the ability to grow their business and gain stability from a top financial institution. OceanFirst combines a leading-edge tech stack and the benefit of having great product and pricing with unique portfolio options, direct agency lending, and secondary market choices. OceanFirst’s National Association allows Loan Officers to lend nationally without dealing with individual state licensing. Contact John Costa, Senior Vice President and Head of Mortgage Sales or 609.444.6121 to learn more. FDIC | Equal Housing Lender | Equal Opportunity Employer.
“Did you know Movement Mortgage added more than 1,000 new products to its portfolio in 2023!? You read that correctly. And the list keeps growing. Introducing Movement’s HomeReady Very Low-Income Purchase Program! With the escalating costs of homeownership, many potential borrowers, particularly those with limited income, encounter significant hurdles in affording a down payment. This new addition to the HomeReady product, wherein qualifying borrowers can receive a $2,500 down payment credit, aims to enhance homeownership opportunities for individuals with qualifying income less than 50 percent of the area median income (AMI). For more information on this new offering and how Movement is making an impact in communities across the U.S., visit us.”
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What began as a small side hustle has evolved into one of the more popular online Etsy shops.
Noblesville couple Amie and Chris Knuckles created their online wood wall art and home décor business, Vintage Adventures, in 2015. In 2020, the business became a full-time venture when they launched the shop on Etsy, which – according to the Etsy analytics tool Erank – is in the top 2 percent of the platform’s sellers.
The couple, who have worked out of a garage at 936 Maple Ave. since 2021, created a key to the city for the late pop artist Jimmy Buffett in 2020, and one of their art pieces appeared in the 2022 movie “The Requin.”
“(When we started out) we both had really stressful (full-time) jobs, and going around to auctions and making things, it was fun, so it was like a hobby to start with,” Amie said. “We just enjoyed creating things. I never in a million years would have thought that this is what I would be doing. I was a director of nursing when this started. I never thought I would ever in a million years (run an art business).”
Initially, the Knuckles sold vintage furniture in a booth at the antique mall and eventually the Logan Village Mall. They started making and selling wall art after they decided to make art for their own walls in their booth space, which they thought were too bare. They started selling on Etsy after Chris lost his full-time IT job as a project manager during the COVID-19 pandemic.
“(Amie) came in the room, she’s like, ‘Let’s start an Etsy shop, it’ll be fun,’” Chris said. “And I always say that because every time we’re in here and we’re sweaty and we’re tired and exhausted, I’m like, ‘Let’s start an Etsy shop, it’ll be fun.’”
Although Amie devotes most of her time to the art business, she still works part time in a hospital.
Besides their Etsy shop, the Knuckles also have a website where they sell their art.
The Knuckles said their favorite part of their business is traveling, attending festivals, meeting people and the adventure of it all. They were invited to be a part of the Orange Beach Festival of Art in Orange Beach, Ala., March 9-10 and plan to attend more festivals this year.
“We’ve had a lot of great things happen to us over time,” Amie said. “When we get to the point where we start to doubt it, something really cool will happen that gets us to that next step and then we’re like, ‘Yeah, yeah, maybe this is what we’re supposed to do.’”
Amie and Chris said owning and operating Vintage Adventures is the highlight of their lives. They both take pride in their work.
“I look back on my (old full-time) career and think, ‘I did all that stuff but I didn’t do (anything). All I did was make some corporation more money or whatever, right?’” Chris said. “So, now, when I look at the stuff that we do (with our art business), it’s going to sound cheesy, but I feel like I’m leaving some sort of legacy, some part of me is still going to be around.”
THE KNUCKLES’ ART METHOD
Vintage Adventures owners Amie and Chris Knuckles create their wood art with lasers. They usually create a digital design and then use a CNC machine where a laser cuts a slab of wood into different pieces, according to the design.
Amie paints the pieces of wood, then the couple glues the pieces together and frame it.
Eventually, the couple plans make prints of the art that will be sold at a reduced price from the original pieces.
To find Vintage Adventures on Etsy, visit etsy.com/shop/VintageAdventuresLLC?ref=shop-header-name&listing_id=1027666500&from_page=listing.
For more on Vintage Adventures vintageadventureshomedecor.com.
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Pre-Qual, TPO, Lead Gen Tools; STRATMOR on Vendor Relationships; Disaster News; HECM, Ginnie, FHA News
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Pre-Qual, TPO, Lead Gen Tools; STRATMOR on Vendor Relationships; Disaster News; HECM, Ginnie, FHA News
By: Rob Chrisman
Wed, Feb 28 2024, 11:09 AM
At the TMBA’s Secondary Conference in Houston a topic is obviously interest rates and the economy… And the fact that the nation’s interest payment expense now exceeds our defense expense! It’s also a fact that Texas’ business climate is very friendly for companies. The #1 state in the nation for residential lending, California, not so much. Overheard here in the hallway: “California is a blue state wrapped up in red tape.” That said, permit process aside, California gets a lot of flak for its high cost of living, but that is for income tax rather than property tax, as exhibited in “Property Taxes by State in 2024” comparing home and vehicle taxes across the nation. Californians pay the 34th highest annual taxes on homes priced at state median value. New Jersey, Illinois, and Connecticut have the highest annual taxes on homes. Each year, the average American household spends $2,869 on real-estate property taxes plus another $448 for residents of the 26 states with vehicle property taxes. (Found here after 8:30AM ET, this week’s podcast is brought to you by nCino, makers of the nCino Mortgage Suite for the modern mortgage lender. nCino Mortgage Suite’s three core products – nCino Mortgage, nCino Incentive Compensation, and nCino Mortgage Analytics – unite the people, systems, and stages of the mortgage process. Interview with SoFi’s Liz Young on the need for Treasury auctions and how supply and demand at those auctions impacts consumer interest rates.)
Lender and Broker Services, Products, and Software
“If you’re heading to ICE Experience, there’s never been a better time to catch up with the Optimal Blue team. Our PPE clients are actively upgrading to the Encompass Partner Connect integration and enjoying new features and benefits. On average, loan officers experience a 60% reduction in the time it takes to request a lock and see it auto-confirmed within Encompass through this upgraded integration. This means users can continue with disclosures and other loan-processing activities faster, which shortens turnaround times and increases efficiencies. If you’re an existing Optimal Blue client and interested in hearing about the other benefits of upgrading, or if you’d like to further discuss your business strategy, consider scheduling a meeting with the Optimal Blue team at our private poolside cabana. We will also be set up at the Optimal Blue booth throughout the event and ready to chat at your leisure. See you in Vegas!”
Compliance Experts Report on 2024 Mortgage Servicing Outlook! Watch the 30-minute webinar that recently launched with ACES’ EVP of Compliance, Amanda Phillips and Reid Herlihy of Ballard Spahr as they discuss the most recent mortgage servicing news, CFPB Supervisory Highlights, and expectations and predictions for 2024 and beyond. Watch the recording.
Guaranteed Rate has chosen Evocalize to enhance the digital marketing capabilities of its mortgage loan officers. Evocalize, renowned for powering leading mortgage and real estate industry tech platforms, is partnering with Guaranteed Rate to revolutionize lead generation and referral partner engagement. Through Evocalize, loan officers can execute targeted digital marketing campaigns across various platforms including Google, Facebook, Instagram, TikTok, Gmail, and YouTube instantaneously. This collaboration empowers loan officers to leverage local data for lead generation amidst changing regulatory landscapes. Evocalize will leverage real-time data and machine learning algorithms to optimize ad management. Guaranteed Rate anticipates significant benefits from this partnership, including enhanced lead generation, reduced marketing costs, and streamlined compliance efforts, ultimately improving the overall customer experience. Learn more here.
“Welcome to the new AFR Wholesale® (AFR)! Change can be good. Our team has been relentlessly pursuing better execution. This exercise has led to great program enhancements, operational improvements and of course, better pricing. Non-Delegated and Wholesale clients have commented on our aggressive pricing across all programs. Notably our new expanded note rate adjusters in conventional and government. We’ve also revised pricing for our Down Payment Assistance Program going into purchase season. AFR is dedicated to offering not only competitive rates but also a customer-centric approach, ensuring that you and your borrowers have the tools and options needed for a beneficial experience. Delegated Correspondents have also seen sharper pricing and incredible turn times (under 48 hours). Ensure you’re leveraging all AFR benefits by reaching out to our Account Executives, 1-800-375-6071, or explore our enhancements through our Quick Pricer tool. Not a client? Partner with AFR today!”
When Al Gore invented the internet, he envisioned a world where borrowers and Realtors could stand in a home, pull out their phones, and update pre-approval letters on demand. Make him proud and check out QuickQual by LenderLogix.
STRATMOR on Lender-Vendor Communication
We in the industry know that there is often a massive disconnect between mortgage lenders and their technology partners, so why isn’t “business relationship therapist” a thing? In STRATMOR Group’s February Insights Report, Senior Advisor Sue Woodard takes on the role of “therapist” to help both lenders and vendors unpack the key areas of disconnect. If you need guidance in breaking down these communication barriers, contact STRATMOR and don’t miss “Step into Our Office: Couples Therapy for Mortgage Lenders and Tech Vendors” for suggestions for both parties and to learn how STRATMOR is already working with technology providers to hear, understand and better respond to the needs of the lending community.
Disaster News
Given that 20-25 percent of the nation’s mortgages come from California, exposed to earthquakes, fires, and flooding, seeing a disaster declared there is worth noting for lenders and servicers alike. FEMA announced that federal disaster assistance has been made available to the state of California to supplement recovery efforts in the areas affected by severe storms and flooding, January 21-23, 2024. The President’s action makes federal funding available to affected individuals in San Diego County.
“Assistance can include grants for temporary housing and home repairs, low-interest loans to cover uninsured property losses and other programs to help individuals and business owners recover from the effects of the disaster. Federal funding is also available on a cost-sharing basis for hazard mitigation measures statewide. Individuals and business owners who sustained losses in the designated areas can begin applying for assistance by registering online at www.DisasterAssistance.gov, by calling 1-800-621-3362 or by using the FEMA App.”
But up in Washington we have wildfires: FEMA DR-4759-WA.
On 2/19/2024, with DR-4758, Release Number HQ-24-024, FEMA declared federal disaster aid with individual assistance has been made available to San Diego County California affected by severe storms and flooding from 1/21/2024 to 1/23/2024. See AmeriHome Mortgage Disaster Announcement 20240206-CL for inspection requirements.
On 2/15/2024, with DR-4759, Release Number HQ-25-025, FEMA declared federal disaster aid with individual assistance has been made available to a county affected by wildfires from 8/18/2023 to 8/25/2023. See AmeriHome Mortgage Disaster Announcement 20240208-CL for inspection requirements.
FHA, VA, Ginnie Mae, HECM, and USDA Developments
Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.53 trillion in January, including $28.1 billion of total MBS issuance, leading to $10.8 billion of net growth. January’s new MBS issuance supports financing for more than 91,000 households, including more than 46,000 first-time homebuyers. Approximately 77.6 percent of the January MBS issuance reflects new mortgages that support home purchases, because refinance activity remained low due to higher interest rates.
The January issuance includes $27.4 billion of Ginnie Mae II MBS and more than $674 million of Ginnie Mae I MBS, including nearly $558 million in loans for multifamily housing. For the 2024 calendar year to date, Ginnie Mae supported the pooling and securitization of more than 46,000 first-time homebuyer loans. For more information on monthly MBS issuance, unpaid principal balance (UPB), real estate investment conduit (REMIC) monthly issuance, and global market analysis, visit Ginnie Mae Disclosure.
In USDA news, an Unnumbered Letter (UL) dated February 13, 2024, has been issued which increases the appraisal fee to $775 and the conditional commitment fee to $850 under the rural development direct programs. The fee increases are effective March 14, 2024. The increased fees reflect market research for origination appraisals in rural areas and incorporates the average cost of appraisals under the programs’ nationwide contract with the Appraisal Management Companies.
With the current market trends of rising interest rates, the Single-Family Housing Guaranteed Loan Program (SFHGLP) Rural Development announced a Stand-Alone MRA ratio waiver; to remove the 55 percent and 31 percent limitations from the requirements in the regulation for the Stand-Alone MRA.
FHA published Frequently Asked Questions, FHA (FAQs), that address inquiries received from stakeholders regarding its final rule, Changes in Branch Office Registration Requirements published in the Federal Register on February 2, 2024. This regulation eliminated the current requirement for lenders and mortgagees to register branch offices where they originate FHA Title I or Title II loans. This new rule, which becomes effective on March 4, 20 is not applicable for those institutions whose fiscal year ended on December 31, 2023, and are required to recertify by March 31, 2024. Recertification fees for those lenders will be calculated based on the number of registered branches as of the last business day of their fiscal year-end certification period. Refer to the rule and accompanying FHA INFO 2024-01 dated February 2, 2024, for information on the rule.
Effectively immediately, AmeriHome is removing the existing $100,000 maximum cash-to-borrower overlay on VA Cash-Out Refinance transactions, to align with VA guidelines. For additional information, see Product Announcement 20240207-CL.
Big news for the “Empire State” of New York! Plaza Home Mortgage excitedly shared that borrowers can now utilize a reverse mortgage for purchasing a home. This is a great option for “buying up” or keeping key cash liquidity vs paying all cash. Plus, FHA now allows borrower concessions up to 6% of the Principal Limit. So, what does that mean for your borrower? When discussing the HECM product, these interested party contributions [or concessions] may include REALTORS®, builders, developers, lenders, and others with an interest in the transaction. Now, interested parties may contribute up to 6% of the sales price toward the borrower’s origination fees, closing costs, prepaid items, and more.
Weary about adding reverse mortgages into your business plan? Although there are lower LTVs caused by the higher rates, keep in mind that the acceleration of equity often offsets all of that. While your senior borrowers may get 47 percent instead of 57 percent LTV, their house may have appreciated $150K or more. Contact Plaza Home Mortgage for more information.
Pennymac Announcement 24-07 provides updates to Government LLPAs effective for all Best-Efforts Commitments taken on or after Friday, February 09, 2024.
The Single-Family Housing Guaranteed Loan Program (SFHGLP) announced upcoming revisions to technical Handbook 1-3555, Chapter 12, Property and Appraisal Requirements. Changes are expected to be implemented on April 1, 2024. View USDA Rural Development Bulletin for more information.
Per Pennymac Announcement 24-13, Government LLPAs were updated, effective for all Best-Efforts Commitments taken on or after Friday, February 23, 2024, as follows: Improve values on the ‘Government FICO Price Adjustments’ LLPA Grid.
Capital Markets
There are competing narratives emerging around the strength of the U.S. economy. Weaker consumer spending of late calls into question whether the economy can avoid a recession, consumer confidence has fallen and remains shaky, economic activity pulled back in January as storms and cold weather disrupted day-to-day activity, and markets received a disappointing Durable Orders report yesterday. However, employment has remained resilient, homebuilder confidence has improved, and Treasury auctions this week have not indicated any sort of flight to quality. On balance, the data suggests that the economy should pick up as the weather improves.
Home prices continue to hold steady as demand greatly exceeds supply. The FHFA Housing Price Index rose 0.1 percent month-over-month in December after increasing a revised 0.4 percent in November, while the S&P Case-Shiller Home Price Index was up 6.1 percent in December after being up 5.4 percent in November. However, local markets are seeing some price easing. Supply and demand may be a greater determinant: Despite high rates, home prices rose 5.1 percent in January, year over year, and while still painfully low, inventory is up 3.1 percent year over year and new listings rose year over year for the fourth straight month.
Today’s economic calendar kicked off with mortgage applications from MBA decreasing 5.6 percent from one week earlier. Later today brings the second look at Q4 GDP and January advanced indicators: the goods trade deficit, retail inventories, and wholesale inventories. Three Fed speakers are currently scheduled: Atlanta President Bostic, Boston President Collins, and New York President Williams. We begin the day (an early travel day for me) with Agency MBS prices, the 10-year yielding 4.28 after closing yesterday at 4.32 percent, and the 2-year at 4.67.
Jobs and Transitions
Looking to expand in CA or NV? Licensing in both states is now taking nearly a year. Opportunity for immediate licensing in either or both states. New established small Mini-Corr/Broker shop located in Northern NV for sale. The operation was established by an industry veteran with two immediate family members. Some circumstances with the family have changed and the principal believes it would be better to continue forward becoming a part of a larger entity. The company is licensed in NV, CO, TX, FL, and CA; banking license should be completed within 6 – 8 weeks. If interested, please contact Chrisman LLC’s Anjelica Nixt to forward your note to the owner.
Movement is providing its loan officers, and the agents they work with, a unique way to highlight their impact. Powered by the company’s new proprietary sales and marketing tool MORE, every Movement LO and the agents they closed loans with in 2023 recently received a personalized “Highlight Reel,” featuring an email, web page, and social media content showcasing the work they did together last year and how that work impacted their respective communities. Movement has also released its annual Impact Report, which also looks back on the previous 12 months. Check out all the ways Movement helps its loan officers stand out with unique storytelling, content, technology, and yes, MORE, at MovementLO.com.
New American Funding is pleased to announce the addition of industry leader Mosi Gatling as SVP Strategic Growth and Expansion. Gatling is renowned for her expertise in serving previously underserved communities and her commitment to increasing Black homeownership in the U.S. and will help to reshape the industry’s approach towards minority communities and effect positive change across the mortgage industry.
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Understanding debt collection practices is essential for anyone who has borrowed money. There are many misconceptions about how the process works, and today, we will address one common question: Can a collection agency sell my debt to another agency? The answer might surprise you.
Understanding Collection Agencies
What is a collection agency?
A collection agency is a company that specializes in collecting unpaid debts. They can be classified into different types, such as third-party debt collectors, first-party debt collectors, and debt buyers. Debt collection agencies play a crucial role in the debt recovery process, often stepping in when the original creditor is unable to collect the debt themselves.
How Collection Agencies Work
Collection agencies typically purchase debt from original creditors at a discounted price. This allows the original creditor to recover a portion of the outstanding debt while passing the responsibility of collecting the remaining balance to the collection agency. Once the debt has been transferred, the collection agency will attempt to collect payment from the debtor.
Can a collection agency sell your debt?
Legality of Debt Selling
According to the Fair Debt Collection Practices Act (FDCPA), it is legal for a collection agency to sell your debt to another agency. The FDCPA governs the actions of debt collectors and provides guidelines for how they must conduct themselves when attempting to collect a debt.
Reasons for Selling Debt
There are several reasons why a debt collection agency might choose to sell a debt:
Maximizing profit and minimizing loss: Debt buyers often purchase delinquent debt for a fraction of its original value. By selling the debt to another agency, the current debt holder can recoup some of their investment and reduce potential losses.
Prioritizing collection efforts: Debt collection agencies have limited resources and must prioritize which debts to pursue. By selling debts they deem less likely to be collected, they can focus on more profitable accounts.
Managing operational costs and resources: Selling debt can help a collection agency manage its cash flow and staffing needs, allowing it to maintain a steady stream of revenue.
The Debt Buying Process
How Debts Are Sold
Debts are often sold in large portfolios through auctions, where debt buyers and collection agencies bid on the right to collect the outstanding balances. Factors that can affect the price of debt include the age of the debt, the likelihood of successful collection, and the debtor’s credit history.
The Lifecycle of Debt
Debts can go through several stages during the collection and recovery process, with each stage affecting its collectability and sale value. As a debt ages, its value typically decreases, making it less attractive to potential buyers.
What happens when your debt is sold?
Rights and Responsibilities of the New Debt Owner
When a debt is sold, the new debt owner must abide by the FDCPA’s guidelines, just like the previous debt collector. This includes validating the debt and providing the debtor with a debt validation letter.
How Debt Sales Affect You
When your debt is transferred to a different debt collector, several changes may occur:
Communication with the new debt collector: You will likely receive notification from the new debt collector, explaining the transfer and providing their contact information.
Possible changes in collection tactics: Each debt collection agency has its preferred methods for pursuing debts, which means you might experience different collection tactics after your account has been sold.
Impact on your credit report: When a debt is sold, the original creditor typically reports the account as charged off, while the new debt collector will report the account as a collection account. This can negatively impact your credit score.
The Impact of Sold Debt on Your Credit Report
How Sold Debts Appear on Credit Reports
When a debt is sold to a collection agency, it can lead to multiple entries on your credit report. Initially, the original creditor will report the account as charged off, indicating that they have given up on collecting the debt.
Subsequently, the debt purchaser will create a new entry on your credit report as a collection account. If your debt is sold multiple times, each new debt collector may report the collection account, resulting in multiple entries for the same debt on your credit report.
How to Dispute Inaccuracies on Credit Reports
If you find inaccuracies on your credit report, such as incorrect balances, duplicate accounts, or accounts that should have been removed due to the statute of limitations, you are entitled to file a dispute. To do this, contact the credit reporting agencies (Equifax, Experian, and TransUnion) individually.
Send a written dispute letter to each agency, explaining the error and providing any supporting documentation. The credit reporting agencies are required to investigate your dispute and correct any verified inaccuracies within 30 days.
See also: How to Remove Collections From Your Credit Report
Strategies for Settling Sold Debts
Debt Settlement Companies and Their Role
Debt settlement companies can help you negotiate with debt collectors and potentially settle your debts for less than the full amount owed. These companies work on your behalf to reach agreements with creditors or debt collectors, often by offering a lump sum payment in exchange for forgiving the remaining balance.
While debt settlement companies can be helpful, they may also charge high fees and cannot guarantee success in settling your debts. Additionally, settled debts can negatively impact your credit score, as they will be reported as “settled” rather than “paid in full.”
Do-It-Yourself Debt Settlement
If you prefer to negotiate directly with debt collectors, follow these tips for a successful negotiation:
Assess your financial situation and determine how much you can afford to offer as a lump sum or monthly payment.
Research the statute of limitations for your debt, as this information can be a valuable bargaining tool during negotiations.
Contact the debt collector and make a reasonable offer based on your financial situation and the age of the debt.
Request a written agreement from the debt collector, outlining the terms of the settlement, and ensure that the agreement includes a statement that the debt will be considered paid in full upon receipt of the agreed-upon amount.
Keep records of all communications and payments, as this documentation can be useful in disputes or legal matters.
Protecting Yourself and Your Rights
Understanding Your Rights Under the FDCPA
The FDCPA provides protections for consumers against abusive and unfair debt collection practices. It’s essential to understand your rights under the FDCPA, including the prohibition of certain collection practices and your right to request debt validation.
Tips for Dealing with Debt Collectors
When dealing with debt collectors, consider the following tips:
Keep records of all communications: Maintain a file with all correspondence, phone call records, and payment agreements. This documentation can be useful in disputes or legal matters.
Negotiate a settlement or payment plan: If you cannot pay the full amount, try to negotiate a reduced payment or payment plan with the collector. Make sure to get any agreement in writing.
Know when to seek legal help: If you believe your rights under the FDCPA have been violated, consider consulting with an attorney or contacting your state’s attorney general’s office.
Bottom Line
It is legal for collection agencies to sell your debt to another agency. This practice is common in the debt collection industry, and understanding the process can help you understand the process of dealing with debt collectors. By staying informed about your rights and the collection process, you can better protect yourself and work towards resolving your outstanding debts.
Remember, financial literacy is crucial in managing debt and maintaining good credit. By staying informed and proactive, you can successfully deal with debt collection and take control of your financial future.